NCUA OKs 2 More TIP Charters
NCUA said it has approved applications for two airline credit unions, NWA FCU and American Airlines FCU, to convert to new tradewide, industywide or professionwide (TIP) charters to serve employees of the airline industry.
The new TIP charter will allow NWA FCU to broaden its FOM beyond its financially troubled sponsor, Northwest Airlines, which has withdrawn its sponsorship and sought to charge the $1.6-billion credit union for the use of its name and facilities. Included in the new FOM are all airline and airport employees along with government employees working for the Federal Aviation Administration or Transportation Security Administration.
The new charter will also allow the $3.8-billion American Airlines FCU to expand beyond its sponsor airline, which has been reducing its workforce in recent years. The two bring to four the number approved for TIP charters.